• Natural Gas News

    Chesapeake Energy gets new CFO

Summary

Mohit Singh joins the US shale company following a six-year stint at a subsidiary of BP.

by: Daniel Graeber

Posted in:

Complimentary, Natural Gas & LNG News, Americas, Corporate, Corporate governance, Appointments, Companies, News By Country, United States

Chesapeake Energy gets new CFO

US shale player Chesapeake Energy announced November 30 that it appointed a former investment banker and BP veteran as its next chief financial officer.

Chesapeake named Mohit Singh as its next executive vice president and chief financial officer, effective December 6. Singh during the last six years served at BPX Energy, a US onshore subsidiary of the UK energy major. Before that, he worked as an investment banker with a focus on oil and gas transactions at RBC Capital Markets and Goldman Sachs.

Chesapeake reported adjusted net income during the third quarter of $269mn. The company increased its expected 2021 adjusted Ebitdax, a reflection of core earnings, to a range of $2.1bn to $2.2bn. This marks an upward revision from the previous forecast of $1.8bn to $1.9bn.

The expectation of increased performance followed Chesapeake’s recently-closed acquisition of Vine Energy, a major player in the gas-rich Haynesville shale basin. The Haynesville shale is the second-largest natural gas producer behind the Appalachia basin.

On production performance, Chesapeake said it expected a net increase in output while at the same time maintaining capital discipline. It reported a net average rate of production of approximately 436,000 barrels of oil equivalent/day during the third quarter, with 80% of that in the form of natural gas.

The company currently has 11 rigs in operation across all business units.